On 28th June 2019 Canopius Reinsurance AG re-domiciled from Switzerland to Bermuda. The company, renamed Canopius Reinsurance Limited (“Canopius Re”), has gained regulatory approval as a Class 3A reinsurer.
This re-domiciliation reflects a change in corporate strategy following the management led purchase of the Canopius Group in 2018 and improves the operational efficiency of the Group. Any reinsurance agreements with Canopius Re will not be affected by this re-domiciliation.
Post re-domiciliation A.M. Best has affirmed its security rating of Canopius Re and changed its outlook to ‘stable.’
Charles Craigs, Canopius Re CEO, said: “We are delighted to complete the re-domiciliation given Bermuda’s position as one of the key hubs of the (re)insurance world. Access to business and capital combined with a leading regulatory regime made Bermuda a natural choice and we look forward to expanding our activities here.”